He said something about giving a student 20 years to pay off their student loan, but if they didn't, then the loan would be forgiven. Then he added if this student works in the public sector then in 10 years his student loan would be forgiven. What was he thinking? Doesn't he know that whomever gives out student loans would just STOP giving out the loans knowing they might not ever get their money back? Wouldn't the students just also ignore their loans and let them ride for 10 years so they would just go away? no one is talking about this, but I'd like to know what do you think?
He's not talking about making them free at all. I think it's a great idea, the cost of college is making it totally our of reach for many people.
You don't get to not pay the loan for 20 years and then get off free. You would have to pay 10% of your income towards the loan for 20 years, and if there is still loan left to pay, it would be waived. That is hardly anything close to free. If you 'ignored' the loan for the 10 or 20 years, you would still be liable for that amount, just not anything after.
You caught onto that to, Obama stood their last night, Made a lot of noise,
Was catty, confrontational, and divisive, His plans proved to be just more
giveaway. your points are well taken, why in the hell would anyone pony
up student loan money, Knowing that they stand a solid chance of being
defaulted on. DUhhhh,
Once again the master of Mis-Speak hits the ground running.
A). Universities are going to direct pay student loan ventures due to new regulation and it being better for the student, so no they are not going to stop giving loans.
B.) we currently have loan foregiveness programs for very specific reasons. for example, it meant that I got part of my ivy league education loans forgiven by teaching in one of the 10 most violent schools in the South Bronx. I know work in the Ivy Leagues and have discovered one of my students was admitted to our frosh. class.
C.) That's not how loan forgiveness works either. Loans must be in good standing.
do you remember that he just paid off his student loans at 47 years old. he paid them off during his run for president,that should have been americas first clue.and he is still living in government housing.he has basically lived off the taxpayers his whole life.
O money doesn't work that way. Its magic money because its someone else's money.
How is paying your loan off for twenty years the same as free? Is that what they teach in public schools or something? I never went to public school, so I'm really wondering.
There are so many people who default on their loans in general that if they were going to stop lending money because of losing money, they would have. If you have the chance of getting part of it forgiven as long as you are in good standing for 20 years, it's actually MORE of an incentive to pay back your loan.
PS ? It's "whoever" since it's the subject of that clause.
Re-read his comment ? he says that students with loans must pay back the loans at 10% of their income (if they make $50,000 a year, they must pay back at least $5,000 for that year). This payback would continue for 20 years and if at the end of twenty years there is still a balance, then the remainder of the loan would be forgiven.
This would encourage people to look into all educational paths knowing that they won't be paying back that education forever if they get a degree but use it in a low paying profession (for example, social workers tend to be highly educated but paid at levels much lower than other college grads ? a fact that discourages people from becoming social workers).
I don't know that this is the best way to handle the student loan and college crisis. I'm paying off my debt from getting my masters degree. It's a lot of money. I haven't been able to financially benefit from it so I'm worse off. I can't afford to take more classes though I would like to. I know too many students that are carrying huge debt levels. they are trying to pay them off. actually some financial experts are even telling people to walk away from homes where they owe more than the house is worth. they are surprised more aren't walking away.
The reason that people aren't walking away from homes where they are upside down is because of moral obligation.
That is a reason that we are staying and the other is where do we go. I hate moving. we have pets that I'm not giving up.
IDK ? we have so many problems. they are connected. Bottom line: we need demand stimulated. Debt holds back demand. we need demand stimulated to create more jobs ? to get the economy moving.
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